Hillsborough County home sales plunge 42 percent

No disguising the fact that Hillsborough County homes sales still stink: December home sales fell 42 percent, from 1,898 in 2006 to 1,099 last month.

The Greater Tampa Association of Realtors says the average sales prices actually INCREASED 3 percent year over year, from $259,363 to $267,117.

That's almost certain to be a statistical fluke. If the association was using median home prices - the preferred method of the Florida Association of Realtors - prices would have declined. Think of it this way: If your business sold 42 percent fewer widgets than a year earlier, you wouldn't be raising prices.

For a historical perspective, here's a chart comparing home sales and prices over the years in Hillsborough. Keep in mind that GTAR includes sales from parts of Pasco County, so there's some overlap from the Pasco stats I previously published.

Download tampadechomesales.pdf

Comments

[Fuzzy Bear]

That's almost certain to be a statistical fluke

More like an intentional fluke in an effort to say we told you prices were going up. Month after month we have seen this nonsense and the consumer is beginning to see the lack of credibility these associations bring to the public.

Would you risk making a big financial decision on this tainted data? I would not!

[Sandra]

I don't know if anyone has noticed this yet, Hillsborough County Property Appraiser has updated their website to reflect the new "lower" values in homes. Drum roll please...my home has lost $7000 in value. My brother's house lost $2000 in value. Some of my friend's houses didn't lose any value. This isn't going to help sell houses. Why would anyone want to pay last year's property taxes on a house that might not even be worth what they bought it for in a few months? How is this supposed to move inventory along?

[Sandra]

And another thing...because of SOH, I will have to pay more taxes this year.
Thanks.

[Donc]

Tainted numbers for sure. As a broker myself, I experience first hand what is going on in the market and it is by no means appreciating. The numbers are most certainly manipulated by leaving out certain undesirable "types" of properties and using numbers that are months behind. Whatever is needed to paint a more positive picture. We all need to understand and realize that all trade groups have special interests and get paid by their members to promote a biased picture that will protect their income. You see this everywhere. Just look at the teachers in todays article promoting exaggerated numbers of losses to schools in order to protect their jobs and wages. Would anyone dare call them evil for this? They are simply afraid to lose what they have and want to protect it, even if it means "tainting" the information when it is in their power to do so. Look at all the lobbyists and special interests groups. They are all afraid of losing ground or their livelyhood for that matter. Truth is secondary to those that are afraid. And that is the majority of people. What trade groups would publicly declare that their product or services are grossly overpriced and people should be extremely cautious about buying their product for a couple years? I have never seen it. This is the case for real estate these days. Don't expect the truth from the trade groups about this and don't be surprised about the rosier than you would think numbers. It is all part of the game. As for me being in real estate, honesty and truth take a higher priority than fear in my life. But don't expect this from the masses.

[Fuzzy Bear]

As for me being in real estate, honesty and truth take a higher priority than fear in my life.

Honesty is the best policy and it has been proven over and over that companies that have high ethical standards do very well long term. Those who play the game with false information may get a short term boost, but often fail long term.

[oscar]

hi,
the assessed value of my house not only did not go down ,as a matter of fact went up,all around our house is short sale and foreclosure signs everywhere (with up to 75% discount),I think those people who run the appraising office are all blind or they assess the properties of a dreamland.they are out of touch with realities.